The Finance Dude

The News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent secretary, Mr Mahmoud Isa-Dutse, said this in Abuja on Thursday, October 20, at the monthly revenue allocation to federal, states and local governments. She said the revenue allocation to federal, states and local government for September dropped by N90.2 billion. Adeosun credited the drop to the loss of 45.5 million dollars in federation export sales, despite the increase in average price of crude oil from 46.06 dollars per barrel in May to 48.4 dollars in June. Read more: https://www.naij.com/1017608-revealed-fg-others-shared-n420bn.html The News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent se...

It’s official, the Naira is currently on track to ride on its longest running gaining streak against the dollar in the parallel market. From hitting a low of N490 against the dollar the naira has since gained by about N40 to close at N454 on Monday. If it sustains this gain this week,  then we are likely going to witness the longest streak of gain against the dollar in recent times. Analysts had expected the naira to cross the N500 band by October following a downward spiral that coincided with the ban of some commercial banks by the CBN as well as a spike in demand for dollars to meet up school fees for the fall. The liquidity bit so hard it was nearly impossible to buy dollars on the black market for the same price within a space of an hour. However, the naira regained strength after news that Travelex was going to commence operations in Nigeria and has remained strong since it commenced operations about a week ago. According to information from some BDC’s, m...

The Naira on Monday, October 17, recorded another gain against the dollar as it closed at N455/$1 in the black market. This is higher than the N460/$1 it was on Friday, October 14. According to economists, the steady gains recorded by the nation’s currency on the unofficial segment of the market in the past few days, can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market. Read more: https://www.naij.com/1012394-naira-records-another-gain-dollar-pound-euro.html The Naira on Monday, October 17, recorded another gain against the dollar as it closed at N455/$1 in the black market. This is higher than the N460/$1 it was on Friday, October 14. According to economists, the steady gains recorded by the nation’s currency on the unofficial segment of the market in the past few days, can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market. Read more: https://www.naij.com/1012394-naira-records-another...

In order to bring the economy out of recession, the rule of the thumb has always been that government can do two things; it is either government increases spending and/or cut the tax. By increasing government spending, government saves the idle production outputs and hence sustain the production activities. The continued productions benefit people by giving them wages, interest, rent, and profits. In the end, people’s income and buying power increase. In Nigeria however, it is a dire situation as operators in the real sector have to deal with hydra-headed challenges of low purchasing power from consumers, inflation and high cost of doing business. How are Nigerian firms coping in recession? FEMI ADEKOYA writes. When the Minister of Power, Works and Housing, Babatunde Fashola, in February argued in favour of the increase in electricity tariffs, describing government’s move as “a painful pill,” which consumers have to “swallow”, little did many know what is yet to bef...

Access to portable water is something every Nigerian is entitled to. The reality, though, is that millions of Nigerians have no access to portable water. The rural areas are usually the worst hit by this problem. Even in urban areas, access to portable water is dwindling with negative consequences to many aspects of Nigerian life. However, the Minister of Water Resources, Suleiman Adamu has explained how the FG proposes to reform the sector to meet with the demands of Nigerians. He did this in a public presentation of the water sector road map. The road map is entitled ‘Immediate and Long-term Strategies for Water Sector- 2016-2030’ He stated that there were about 116 water projects currently ongoing in the country. However, these projects would require about 505.6 billion Naira to complete them. Some of these projects have been lying idle for over 15 years. This was because outstanding fees to contractors a...

Bonds are issued by governments and companies to raise money to finance their operations or for capital projects. When an investor buys a bond, the bond issuer promises periodic (annually or semi-annually) interest payments on the money invested at the coupon rate stated in the bond certificate. A coupon rate is the yield paid by a fixed-income security; a fixed-income security’s coupon rate is simply just the annual coupon payments paid by the issuer relative to the bond’s face or par value. The coupon rate is the yield the bond paid on its issue date. This yield changes as the value of the bond changes, thus giving the bond’s yield to maturity. The bond issuer pays interest annually until maturity, after which the issuer returns the principal amount (or face value). The coupon rate of a bond is calculated on the bond’s face value (par value). Example of how Coupon rates is determined: If you own a 10 year – N100,000 bond with a coupon rate of 10%, you will re...

The exchange rate rebounded on Friday to close at N308 at the official interbank market. The local currency gained about 5.2% reversing the N325 it closed with on Thursday. According to reports, the gains was mostly due to a sale of forex by the Central Bank of Nigeria providing enough liquidity to meet the demand currently in the market. The naira has closed at an all time low of N364 to the dollar on Thursday following a surge in demand. The central bank has been selling dollars almost daily to boost liquidity and support the naira. Join our BBM channel for instant updates : C0030863D